Iraq’s Oil Minister, Basim Mohammed Khudair, said on November 3 that agreements had been reached with Chevron on a contract for the West Qurna-2 oilfield. The announcement followed a meeting between the parties to advance negotiations. The final contract is expected to be signed by the end of 2026.
The development marks a key step toward Chevron taking over operations of the supergiant field from Russia’s Lukoil. Chevron previously secured exclusive negotiation rights and has committed a $200 million advance payment toward a future operating contract.
West Qurna-2 holds an estimated 14 billion barrels of recoverable reserves.